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Niche Marketing Strategies for Business Growth: An Experiential Journey
Author(s): Pradeep Kautish (Jaipuria Institute of Management, India)
Copyright: 2014
Pages: 20
EISBN13: 9781466649576
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Abstract
The consumer behavior is the dynamic sum total of the range of political, economic, technological, demographical, and socio-environmental influences. The art of adapting to the changing environment may sound easy to accommodate to in marketing practice, but these changes are not visible to the insensitive myopic eyes. The essential condition for a professionally managed company to grow and keep growing is not taking pride in the high level of corporate marketing management. The strategy for seizing a market niche requires an understanding of important marketing concepts and strategies based on segmentation and targeting widely propounded marketing phenomenon. Considering the market as segmented into a host of individual homogenous elements implies a clear identification of the customers of each company to survive. It is thus necessary to determine, with absolute clarity, who the customers or target audience are for the company and to then offer products and services that match their needs effectively. This may also require the development of an optimal distribution mechanism framework to ensure quality of company offerings. The present case deals with the decision dilemma of a management professional who is in the process of deciding about acquiring a niche marketing company and the case elucidates four companies with respective marketing strategies employed for business operations by them. The case provides an opportunity to compare and contrast different marketing strategies with the protagonist’s decision dilemma in light of market trends.
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